Handbook of Research on International Entrepreneurship
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Handbook of Research on International Entrepreneurship

Edited by Léo-Paul Dana

This unique reference book provides an array of diverse perspectives on international entrepreneurship, a new and emerging field of research that blends concepts and methodologies from more traditional social sciences. The Handbook includes chapters written by top researchers of economics and sociology, as well as academic leaders in the fields of entrepreneurship and international business. State-of-the-art contributions provide up-to-date literature reviews, making this book essential for the researcher of entrepreneurship and the internationalisation of entrepreneurs.
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Chapter 35: Internationalizing European IPOs in the United States

Boyd D. Cohen


Boyd D. Cohen Initial public offerings (IPOs) have become a fertile ground of research for entrepreneurship scholars in recent years.* At the same time, there is a growing interest among entrepreneurship scholars in the intersection between entrepreneurship and international business. This study seeks to link these two emerging research themes by examining Europe-based firms’ IPOs in the USA. The intuitive benefit of launching an IPO in the USA is that the firms are seeking to tap into the large capital base in the USA and gain access to US markets. However, this study found that, following a US IPO, European firms gained legitimacy and increased their internationalization efforts, with much of the growth in European markets. During the 1990s we observed a significant transition from domestic and regional commerce to one of global trade, where traditional boundaries to cross-border economic activity have declined rapidly. The most common explanation for this shift towards a global economy was the pace of technological change which, among other things, significantly reduced prior communication barriers. Entrepreneurs have been among the most affected (both positively and negatively) by the increasing globalization of commerce. This has coincided with a heightened interest in international entrepreneurship research which, until 1989, was non-existent. Now, only a decade later, it is considered one of the most rapidly growing and important areas of research for entrepreneurship and international business scholars (Wright and Ricks, 1994, p. 699). The generally agreed upon definition of international entrepreneurship applied...

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